The Asian Development Bank will provide $2 billion in annual assistance to Pakistan over the next three years. This announcement was made by ADB President Masatsugu Asakawa during a meeting with President Asif Ali Zardari in Islamabad.
The funding aims to support infrastructure development and initiatives focused on climate resilience in Pakistan.
President Asakawa praised the recent signs of economic recovery and stabilization in the country. In response, President Zardari emphasized the urgent need for increased support from the ADB to combat the effects of climate change.
He highlighted the severe impacts of climate fluctuations and the devastating floods of 2022, which significantly affected the economy. Zardari also briefed Asakawa on the ongoing economic and climate-related challenges Pakistan is facing.
Earlier, on September 16, the ADB approved a $320 million loan aimed at rehabilitating roads in Khyber Pakhtunkhwa province. This project is expected to enhance safe, all-weather connectivity in rural areas, upgrading approximately 900 kilometers of roads that are particularly vulnerable to flooding and in poor condition.
The initiative will connect remote communities to essential services such as education, healthcare, and markets.
The project will incorporate climate-resilient design, enhance road safety, and implement sustainable maintenance practices.
ADB Director General for Central and West Asia, Yevgeniy Zhukov, noted that “road transport is a lifeline for the people and a crucial element of socioeconomic development in Pakistan.”
He added that this vital infrastructure project will reduce travel time, lower transportation costs, and expand access to economic opportunities for millions in Khyber Pakhtunkhwa.
